Student insurance cover could lie with mum and dad

Without cover, students could face paying out a four-figure sum should they become the victim of crime.

Data from NFU Mutual shows the average cost of a claim for the theft of student possessions is for £1047, often for items such as laptops and bicycles.

While insurance is unlikely to be at the top of students’ priority lists, eight out of every ten (81%) home and contents policies available in the UK also provide cover for the theft of student possessions as standard, according to Defaqto, the independent financial research company.

Paul Richardson, home insurance specialist at NFU Mutual, said: "Many students and their families will already be feeling under financial pressure from the costs of further education.

"Dealing with the impact of having to replace damaged or stolen items can be crippling – especially if, in the case of laptops and bicycles, the missing property is essential for travel to lectures or writing up essays. Without adequate insurance, finding the cash for replacements can be particularly tough.

"While most home contents policies provide cover for student belongings as standard, it’s worth checking the amounts insured too. In the case of a break-in, NFU Mutual’s home contents insurance will cover loss or damage to a student’s belongings by up to 15% of the value of their parent’s policy."

Student accommodation, stuffed full of high-value possessions, can often prove to be rich pickings for criminals. Unless they have adequate insurance, victims of these thefts can be left facing a hefty bill to replace stolen equipment when money is already tight.

Richardson said: "Whether student possessions are insured under a parent’s insurance or a separate policy, it’s vital they are fully covered. With thousands of pounds of possessions at risk, adequate insurance is the only sensible option."